What makes a great broker? That’s personal

Ask Lucia La Bella what makes a great mortgage broker, and technical ability isn’t the first thing she mentions.

Not because it doesn’t matter – for NAB’s executive general manager, specialised distribution, it’s a given. In La Bella’s view, what sets great brokers apart is something more personal: the relationships they build with their customers over time.

“What increasingly sets great brokers apart is their ability to build strong relationships and develop a deep understanding of their customers,” she says in her first interview with MPA. “Brokers need to be able to think strategically and play the long game to do the right thing by the customer.”

For many brokers, that’s already fundamental to how they work – understanding where a customer is today, how their circumstances may evolve and building relationships that can span different life stages and generations. As the intergenerational wealth transfer gathers pace, those long-term relationships are becoming even more valuable.

“When brokers are there for the customer’s whole journey, they’re much more likely to build enduring relationships,” she says.

In many ways, La Bella’s perspective on the broking industry mirrors how she leads her team at NAB. “My leadership style is collaborative, but accountability is important to me. “One of the biggest lessons I’ve learned is the importance of listening deeply, whether that’s to customers, brokers or the people you lead. When people feel heard and understood, that’s what drives good outcomes.”

Ten years at NAB – spanning business lending, commercial real estate, business and private banking, markets and premier banking, through to her current role leading specialised distribution – hasn’t shifted that philosophy one bit.

And it’s a principle she believes applies just as much to bankers as it does to brokers: “Being willing to ask questions, verify information and understand what’s really happening in a customer’s circumstances… that’s all part of being a trusted adviser, being relationship led and being able to do that verification along the way.”

Curiosity, in other words, matters on both sides of the table – broker and banker alike are ultimately working for the same customer – and it’s part of why La Bella has worked hard at building tight-knit relationships with NAB’s accredited brokers.

“What increasingly sets great brokers apart is their ability to build strong relationships and develop a deep understanding of their customers” - Lucia La Bella

Going deeper

The long-term customer relationships La Bella describes are playing out against an increasingly complex financial backdrop. Customers are navigating decisions around buying a home, investing, building wealth and supporting the next generation – often at the same time.

“At NAB, our focus is on the relationship and understanding what the customer is trying to achieve – not just the transaction in front of them,” says La Bella. “Their needs will change over time, whether that’s an investment property, building wealth or supporting kids into their next home, and we want to be able to bring in the right expertise at the right time.

“That relationship-led approach aligns strongly with where we see the broker industry heading. Brokers know their customers and their ambitions, and we can work alongside them to support those broader needs as they emerge.”

For eligible customers, that can include additional support through NAB Premier Banking, helping NAB be a partner for what’s next as their broader banking needs evolve.

“For customers who come to NAB through a broker, the broker-customer relationship remains critical,” says La Bella. “Premier provides an additional layer of support around the customer’s broader banking needs, while the broker continues to support their lending relationship.”

Changing policy settings are one example of the complexity customers and brokers are navigating. La Bella points to the Budget’s changes to negative gearing and the capital gains tax (CGT) discount on property investors.

“While the announcements are behind us, many people are still looking for clarity on what those changes mean in practice,” she says. “With investors reassessing how they enter the property market, they’re looking for information and greater clarity. That brings opportunities for brokers to provide information and education, and to connect customers with professionals like lawyers, accountants and financial planners.”

The changes are also prompting some investors to look more broadly at their property options, including commercial property.

“It’s important to remember that commercial property is a different asset class to residential property,” she says. “Commercial property is driven by broad economic and business confidence, and employment growth. Residential property is driven more by population growth, housing supply and household demand.”

Commercial property brings its own considerations, from the strength of the tenant and lease terms to the quality and sustainability of income. For La Bella, it’s another example of why understanding the customer’s circumstances – and knowing when to bring in additional expertise – matters.

Finding your niche

For all the complexity in the market, La Bella’s outlook on the opportunities ahead for brokers comes back to the same principle: relationships.

She points out that the market has moved dramatically in nine months alone – from 6–7% property growth at the start of the year to three rate rises and sweeping tax changes that have sent the market the other way since – and treats that volatility as the new normal rather than a crisis to manage around.

She expects refinancing to become increasingly important as the market changes, making regular customer check-ins even more valuable – whether a customer’s job or financial circumstances have changed, whether areas such as income protection insurance need to be considered, or whether there’s anything else they need support with.

As buyers take longer to commit, La Bella’s advice for brokers isn’t about widening the net but homing in on what makes you unique.

“I always encourage brokers to think about their niche. Who are the customers you really want to support and what are you passionate about?”

“If you’re passionate about supporting young people on their wealth journey, maybe you’ll be on social media and finding your customer base there. If it’s more baby boomers, they might be at golf clubs and you’re playing golf. By identifying your niche, you’re going to connect with like-minded people and then you can do business that way.”

To return to an earlier point, it’s “less about the transaction and more about building your customer base around things that are meaningful to you.”